Pennsylvania lawmakers push bill to ban prediction market insider trading with $1M-a-day penalty
By Dan Whitaker, Casino News Editor
Pennsylvania has a new legislative push aimed at banning insider trading on prediction markets, after high-profile cases alleging profits gained through inside information. According to SBC Americas, House Bill 2711 has been endorsed by two dozen state representatives.
The bill appeared in the Pennsylvania Assembly on Wednesday and has been referred to the Committee on Consumer Protection, Technology & Utilities for further consideration. SBC Americas reports the proposal would create civil penalties, including a $1M-per-day penalty tied to the conduct it targets.
Player angle: Rules around prediction markets can shape what products are available and how fair they feel, especially when lawmakers focus on preventing insiders from profiting at everyone else’s expense. Check our casino bonuses guide before putting money anywhere.
Reported by SBC Americas.